PM highlights rich natural resources

Says decision of US-based firm to invest $200m was vote of confidence in policies

ISLAMABAD:

Caretaker Prime Minister Anwaarul Haq Kakar, on Tuesday, reassured the government’s all-out support to investors, underscoring that the effective utilisation of human as well as mineral resources would lead to a stable, prosperous, and rising Pakistan.

“Our human resource is more important than our mineral resource. The human resource, coupled with the mineral resource, will lead to a stable, prosperous, and rising Pakistan,” the prime minister said, addressing the signing ceremony of a joint venture agreement between Pakistan Mineral Development Corporation (PMDC) and the US-based Miracle Saltworks Collective Incorporated for establishing a dedicated facility for crushing and packaging pink salt for export purposes.

Managing Director of the PMDC, Asad Ahmed, and President of Miracle Saltworks Collective Incorporated, Ahmed Nadeem Khan, signed the agreement, witnessed by Prime Minister Kakar, Energy Minister Muhammad Ali, and relevant senior authorities.

The prime minister said the practice of exporting raw materials should come to an end as the export of products after value addition was direly needed.

“This is the path for Pakistan. This is the right step. We will be exporting quality product in the coming days. Pakistan will get rightful branding for its product. This will pave the way for further opportunities,” the prime minister remarked, who also distributed awards among individuals who played a key role in the joint venture agreement.

Calling the US a “most valued” trading partner of Pakistan, he said the agreement symbolised the investment climate in the country that would further strengthen the friendship between the two countries and their people.

He said the decision of the US-based firm to invest $200 million in Pakistan was a resounding vote of confidence in the government’s economic policies. Prime Minister Kakar said the investment was not just about pink salt but about trust, partnership, and shared prosperity.

He told the gathering that the Special Investment Facilitation Council (SIFC) was playing an important role in creating an enabling environment for foreign direct investment. It serves as a one-window facility for investors besides streamlining processes and removing bureaucratic hurdles to attract investment in the fields of mining, energy, IT, agriculture, livestock, industry, and tourism, he added.

The prime minister lauded the friendship of the American people, calling them the “most warm and generous” people on earth with openness and liberal values which was a role model for a thriving economy.

Read PM calls for utilisation of natural resources

He said Pakistan was not rich for its geostrategic location rather it was a geo-economic offer as the country sat on the Tethyan Belt of 2800sq km filled with immense mineral resources.

Earlier, Energy Minister Muhammad Ali said the agreement was the beginning of a long journey that would boost investors’ confidence. He said Pakistan had tremendous potential in the mineral sector, and the government was committed, focused, and has prioritised the sector to exploit the potential through more investment in the pink salt sector.

PMDC Chairman Shamsuddin lauded the SIFC’s role which led to a surge in PMDC’s profit by three to four times compared to last year. He said the PMDC’s geologists were actively moving around for exploration purposes and hoped that the number of mining leases would continue to grow.

Shamsuddin called for further empowerment of the SIFC, strengthening of the Geological Survey of Pakistan besides providing security to miners, and amending the rules to streamline processes.

Managing Director of PMDC Engineer Asad Ahmed said the agreement represented the culmination of excessive collaboration between the partners and thanked the petroleum ministry and SIFC for effective coordination.

Chief Communications Officer of the Miracle Saltworks Collective Incorporated Mubarak Khan called the agreement the beginning of a great journey and a great opportunity for Pakistan as the pink salt would act as an ambassador in millions of homes internationally.

Executive VP and Chief Financial Officer Miracle Saltworks Collective Incorporated said the project would lead to the global monetisation of Pakistan’s mineral resources, which was one of the richest countries with huge mineral resources.

Published in The Express Tribune, February 21^st, 2024.

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